Page:United States Statutes at Large Volume 113 Part 1.djvu/269
PUBLIC LAW 106-50—AUG. 17, 1999 113 STAT. 245 " (3) DEFERRAL OF LOAN GUARANTEES AND OTHER FINANCINGS. — The Administration shall— "(A) encourage intermediaries participating in the program under subsection (m) to defer repayment of a loan made with proceeds made available under that subsection, if such loan was incurred by a small business concern that is eligible to apply for assistsmce under subsection (b)(3); and "(B) not later than 30 days after the date of the enactment of this subsection, establish guidelines to— "(i) encourage lenders and other intermediaries to defer repayment of, or provide other relief relating to, loan guarantees under subsection (a) and financings under section 504 of the Small Business Investment Act of 1958 that were incurred by small business concerns that are eligible to apply for assistance under subsection (b)(3), and loan guarantees provided under subsection (m) if the intermediary provides relief to a small business concern under this paragraph; and "(ii) implement a program to provide for the deferral of repayment or other relief to any intermediary providing relief to a small business borrower under this paragraph.". (b) DISASTER LOAN ASSISTANCE FOR MILITARY RESERVISTS' SMALL BUSINESSES.—Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is amended by inserting after the undesignated paragraph that begins with "Provided, That no loan", the following: "(3)(A) In this paragraph— "(i) the term 'essential employee' means an individual who is employed by a small business concern and whose managerial or technical expertise is critical to the successful day-to-day operations of that small business concern; "(ii) the term 'period of militeiry conflict' has the meaning given the term in subsection (n)(l); and "(iii) the term 'substantial economic injury' means an economic harm to a business concern that results in the inability of the business concern— "(I) to meet its obligations as they mature; "(II) to pay its ordinary and necessary operating expenses; or "(III) to market, produce, or provide a product or service ordinsirily marketed, produced, or provided by the business concern. "(B) The Administration may make such disaster loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) to assist a small business concern that has suffered or that is likely to suffer substantial economic injury as the result of an essential employee of such small business concern being ordered to active military duty during a period of military conflict. "(C) A small business concern described in subparagraph (B) shall be eligible to apply for assistance under this paragraph during the period beginning on the date on which the essential employee is ordered to active duty and ending on the date that is 90 days after the date on which such essential employee is discharged or released from active duty. Deadline. Guidelines. Effective date.